The Globe Trust and Investment Company Limited (GTICL) building is up for sale as liquidator Nizam Ali and Company presses ahead with recovering funds from the bankrupt institution.
The property, located at the East half of the west half of Lot 92 North Cummingsburg was advertised for sale in Thursday’s edition of Stabroek News.
The liquidator is currently inviting tenders up until the end of July. Intended buyers must purchase the tender package for the sum of $5,000 from Nizam Ali and Company located on Camp Street.
Nizam Ali recently moved against debtors and approached the court to recover some funds. Prior to the move Globe Trust debtors had largely been silent.
Ali told Stabroek News a few months ago that he has recovered a fraction of the institution’s funds since taking legal action, and had referred to the general collection as “poor and substantially below what is needed”.
He had explained that the slow recovery process dragged on for months as debtors ignored his calls to reimburse the company.
Since the court ordered the compulsory liquidation of Globe Trust last year and appointed Ali’s company as liquidator there has been little movement in the process. Ali assessed the situation as a troubling one given that a substantial amount of Globe Trust funds was assigned as loans.
Ali had sent out letters to depositors several months ago seeking confirmation of their balances and a few persons initially responded, but the numbers later increased considerably.
The Bank of Guyana filed an application last October asking that an order be granted for the compulsory liquidation of GTICL as provided for under the Financial Institutions Act after an investment deal for the troubled institution failed to materialise. It was the second such application–the first was filed in 2002.
No wonder.They are now known as GLOBE MISTRUST.
this business was establish in 1991, check and see who are the debtors.
loans made before 10-05-92 were given to the associates of the PNC regime without ??????????????????.
this is why our country is still in the hole dug by the previous regime.
Hey “FREESPEECH”! You are running your big mouth (like the Ostrich which hide its head in the sand when chased) about what happened with Globe Trust by saying “this business was establish in 1991, check and see who are the debtors.
loans made before 10-05-92 were given to the associates of the PNC regime without ??????????????????.
this is why our country is still in the hole dug by the previous regime…”
Now, there is approximately 4/5 ths of COFA (including Gaibank, GCIS, Co-op Bank…) that has disappeared under the current incompetent Pee Pee Pee regime and you have apparently suffered from amnesia when it comes to what might have caused the Republican led US Government at the 2008 polls and you are here running your mouth about the PNC and Globe Trust Management.
Also, has the word “DEMBA” (nationalized under the L. F. S. Burnham led PNC Government) been completely erased from your memory and replaced with “RUSAL” and “Bosai Minerals Group Co., Ltd” (at the hands of the presently PPP led Government in Guyana)!!!
The property, located at the East half of the west half of Lot 92 North Cummingsburg??????????????
“all gane Lake”….I wonder how many Guyanese presently living in Guyana can remember the incident associated with these Three Words? Hint: Arson and Victoria Hotel
I like your comment on the Globe Trust Building.
I’m racking my brains to remember the names of the others involved in this arson. “Lake” was one of them, and the quote is a bit off, but, that’s the popular version.
Anybody out there remembers??
this man freespeech just don’t put on his thinking cap before he mouths off. he will do well working for the pee pee pee government but still he’s not going to guyana and work for them. he likes america because he gets unemployment benefits and social security benefits.